Although banks safeguard your money with the utmost security, Albanian citizens seem to prefer to keep their cash at home.
The data released by the Bank of Albania shows that during August, the circulation of money outside the banking system has reached its highest level in the last 10 years.
There was 288.3 billion lekë circulating from hand-to-hand around the country during the peak of summer--contrast this to the 197 billion lekë which circulated outside financial institutions back in 2010.
It is a concern that has recently been acknowledged by the Bank of Albania, which considers it problematic.
Growth outside the banking system has been quick this year, despite the Anti-Informality action launched by the government and another project for fiscalization, or online bills that focus on raising money through other official channels.
This data is an opportunity to promote more informalities but does not allow the Bank of Albania’s policies to be reflected.
The data shows that in Albania, cash transactions account for about 22% of total transaction when compared to other European countries.
For comparison: in the European Union, money outside of banks accounts for just 9.2% of the total.
Elsewhere in the region, indicators are also better in this regard, as data shows that cash flow in North Macedonia and Serbia it is 8% and 7%, respectively.